London and Toronto-listed i3 Energy said today that it had agreed “indicative” terms on a partial sale of its Serenity field in the UK North Sea.
The company, headquartered in Westhill, near Aberdeen, said it was waiting for confirmation of funding commitments from counterparties before finalising documentation for the farm-out.
Serenity was discovered by i3 Energy in November 2019 between the producing Captain field, to the west, and the undeveloped Tain field, to the east.
The field is estimated to have about 200 million barrels of oil in place.
Operator i3 has been searching for partners to help it cover the cost of an appraisal drilling programme, which would firm up the estimate.
The company said it would update the market “if and when” agreements are reached.
Longboat Energy, another listed firm with its headquarters in the UK, said today that the Norwegian Petroleum and Energy Ministry had approved its farm-in to a seven-well exploration programme, first announced in June.
Longboat now qualifies as a licence holder on the Norwegian Continental Shelf and, subject to the finalisation of the usual completion procedures with the various counterparties, expects to complete the deals on September 1.
The firm is chasing 104m barrels of oil equivalent net resources from the programme, which could generate net asset value of more than $1bn.
Longboat chief executive Helge Hammer said: “We are pleased to announce this milestone for Longboat which sees us join a select group of companies holding oil and gas assets on the Norwegian continental shelf and will enable us to complete the Farm-In transactions as planned.
“We are looking forward to spudding the first well in our multi-well programme later this month and will be updating shareholders on its progress in due course.”